KLSE Traders Update and Ideas

Daily Market Update - 22 Nov 2023 (LHI, PENSONI)

Publish date: Wed, 22 Nov 2023, 08:38 AM
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This blog provides market updates and trading ideas that I gather from around the web.

M+ Online Morning Market Buzz - 22 Nov 23

Dow Jones: 35,088.29 pts (-62.75pts, -0.18%)
⬆️ Resistance: 36000
⬇️ Support: 34200

FBM KLCI: 1,463.40 pts (+6.48pts, +0.44%)
⬆️ Resistance: 1500
⬇️ Support: 1430

HSI Index: 17,733.89 pts (-44.18pts, -0.25%)
⬆️ Resistance: 18600
⬇️ Support: 17100

Crude Palm Oil: RM3,967 (+RM14, +0.35%)
⬆️ Resistance: 4130
⬇️ Support: 3830

Brent Oil: $82.32 (+$0.11, +0.13%)
⬆️ Resistance: 84.80
⬇️ Support: 75.10

Gold: $1,998.29 (+$20.22, +1.02%)
⬆️ Resistance: 2050
⬇️ Support: 1920

Market update – 22 Nov 23
Sight profit taking on Wall Street

The FBM KLCI closed higher with a flag formation breakout amid a resumption of buying support. However, Wall Street ended marginally lower following the FOMC meeting minutes, suggesting that the Fed may proceed carefully on the interest rate directions and be in a “wait-and-see” mode. Also, profit-taking activities emerged post-market on Nvidia following the release of results; earnings came in above estimates and we expect the profit-taking actions could spill over towards stocks on the local front. Nevertheless, in view of the growing Malaysia GDP by 3.3% in 3Q23, released last week, we expect traders to focus their attention on the upcoming reporting season. On the commodity markets, the Brent oil prices traded above USD82/bbl following the FOMC meeting minutes.

Sector focus: As some of the tech giants on Wall Street were taking a pause on the uptrend move, we expect profit-taking activities to emerge in the Technology sector on the local front. Meanwhile, we noticed the strong set of results as anticipated from Teo Seng, which could provide a bullish tone to the rest of the poultry stocks. Besides, we like the Utilities, Property, Building Material, Construction, and Transportation & Logistics sectors amid the ongoing reporting season.

Stocks to watch:

Construction: WCEHB
Glove: HARTA
Technology: MI
Financial-related: BIMB
Transportation & Logistics: SWIFT

Source: M+ Online

M+ Online Technical Trading Stocks - 22 Nov 23

Stock Name: LHI (6633)
Entry: Buy above RM0.670
Target: RM0.700 (4.5%), RM0.725 (8.2%)
Stop: RM0.650 (-3.0%)
Shariah: No
Technical: Flag-formation breakout

Stock Name: PENSONI (9997)
Entry: Buy above RM0.780
Target: RM0.825 (5.8%), RM0.850 (9.0%)
Stop: RM0.760 (-2.6%)
Shariah: Yes
Technical: Monitor for breakout

Source: Bloomberg, M+ Online



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